The combined net profits posted by members of the General Insurance Association of Japan (GIAJ) for the financial year ended 31 March 2021 (FY2020) decreased by 4.4% year-on-year to JPY437.6bn in FY2020 due to an increase in special losses. Net profits consist of ordinary profits including special profits or losses minus corporate income taxes, corporate resident taxes, etc.
The Life Insurance Association of Japan (LIAJ) will focus on three initiatives this year to meet the expectations of customers, says Mr Yukinori Takada, the association's chairman in his New Year message.
As the year 2022 starts in earnest, I wish everyone a very happy New Year.
Insurance giant Nippon Life Insurance will urge foreign companies it invests in to cut carbon dioxide emissions to net zero by 2050, expanding its existing request for domestic firms to do so, the insurer's President Hiroshi Shimizu said.
Japanese life and non-life insurers' underwriting fundamentals are likely to be stable overall despite the ongoing economic stress from the COVID-19 pandemic, says Fitch Ratings. The agency has a neutral outlook on the sector.
Tokyo-headquartered Mitsui & Co has decided to increase its stake in Pana Harrison (Asia) [PHA], a licensed and regulated insurance and reinsurance broking company in Singapore.
The Foundation for the Advancement of Life & Insurance Around the world (FALIA), which conducts training programmes, essay competition, and other activities for the development of the life insurance industry in Asia and other countries, celebrated its 50th anniversary in 2020. Although it was postponed for one year due to the COVID-19 pandemic, to mark the occasion, a ceremony to commemorate the anniversary was held online on 9 November this year.
Sumitomo Life Insurance, among the top five life insurers in Japan, is expected to maintain substantial mortality and morbidity margins, underpinned by the company's strategic focus on the higher-margin medical and nursery care, known as "third sector", products and its substantial in-force business, says Fitch Ratings.
ICEYE, a provider of flood hazard data has collaborated with Aon, to provide insurers with flood hazard data following severe flooding events in Japan. The data enables insurers to reduce volatility and better understand the post-event impact on their portfolios and reduce the cost of extreme weather events.
Toa Re's strong foothold in the reinsurance market in Japan, good diversification along geographic and business lines, and excellent capital position support its overall credit profile, says S&P Global Ratings (S&P).